(Bloomberg) -- Here’s the key business news from London-listed companies this morning.
Unilever Plc: The consumer products company’s CEO Alan Jope will retire from the company at the end of next year.
- “Growth remains our top priority, and in the quarters ahead I will remain fully focused on disciplined execution of our strategy, and leveraging the full benefits of our new organisation," Jope said in a statement.
GSK Plc: The pharmaceutical manufacturer named Julie Brown to replace Iain Mackay as chief financial officer. Mackay will step down in May next year.
- Brown, previously COO and CFO at Burberry, announced her departure from the luxury brand last week.
Pendragon Plc: The car retailer, received an unsolicited, preliminary and highly conditional proposal from Hedin Mobility Group AB for the entire issued and to be issued share capital at 29 pence per share
- Pendragon’s board is currently considering the proposal together with its financial and legal advisers
- Shareholders are urged to take no action at this time
Outside the City
The pound plunged almost 5% to an all-time low after Kwasi Kwarteng vowed to press on with more tax cuts, stoking fears that the new Chancellor of the Exchequer’s fiscal policies will send inflation and government debt soaring.
The slump was sterling’s biggest intraday decline since March 2020, when investor panic over the then-nascent Covid-19 pandemic was roiling markets worldwide.
In Case You Missed It
UK Chancellor of the Exchequer Kwasi Kwarteng pledged further tax cuts in his pursuit of growth after unveiling the biggest fiscal giveaway in half a century. Kwarteng’s package scrapped the top level of income tax and cut the basic rate by a percentage point, while also reversing a rise in the National Insurance payroll tax brought in earlier this year.“There’s more to come,” Kwarteng said on Sunday in a BBC television interview. “We’ve only been here 19 days. I want to see, over the next year, people retain more of their income, because I believe that it’s the British people that are going to drive this economy.”Finally, here’s a deep dive into Abrdn Plc — the £500-billion money manager that’s currently battling an identity crisis.
Utility network United Utilities Plc, heating and plumbing product distributor Ferguson Plc, and service provider for over-50s Saga Plc are all due to report tomorrow as the London market starts to build up towards another earnings season.
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